In this guide
Does Polymarket Support Open Banking in the UK?
Polymarket itself does not offer native Open Banking functionality. That said, numerous UK-based cryptocurrency platforms that convert GBP into USDC do integrate Open Banking, enabling rapid and costless fund transfers. This pathway—moving funds from GBP through USDC and into Polymarket—proves considerably more efficient and economical compared to conventional wire transfers.
Exchanges Using Open Banking for GBP Deposits
- Coinbase UK: Offers Open Banking via Plaid for immediate GBP deposits — zero charge
- Kraken: Integrated Open Banking for GBP (available through select UK financial institutions)
- Revolut: Transfers within the platform happen near-instantaneously; Open Banking integration is unnecessary
How to Use Open Banking to Fund Polymarket
- Step 1: Within Coinbase UK, navigate to "Add funds" → "Open Banking"
- Step 2: Verify your identity through your bank (Barclays, HSBC, Lloyds, Monzo, and others)
- Step 3: Deposit GBP — the funds appear in your Coinbase account right away (usually within a minute)
- Step 4: Convert your balance to USDC using the Polygon blockchain
- Step 5: Send to your MetaMask wallet → complete your Polymarket deposit
Benefits of Open Banking vs Traditional Bank Transfer
Open Banking transfers typically complete in seconds (rather than the 2-hour window for standard Faster Payments), carry no deposit fees, and eliminate the need to manually input sort codes or account details—thereby reducing the chance of mistakes.
Which UK Banks Support Open Banking for Crypto?
The vast majority of UK's leading banks comply with the FCA's PSD2 requirements and provide Open Banking support: Barclays, HSBC, Lloyds, NatWest, Santander, Monzo, Starling, and Revolut are among those that enable Open Banking authentication.